Bhotekoshi-Trishuli flood caused Rs 473 billion economic loss, Rs 707 billion needed for reconstruction

The National Planning Commission has said the flood that struck the Bhotekoshi-Trishuli river on Bhadra 10 caused around Rs 473 billion worth of damage to the economy.

According to a preliminary Post-Disaster Needs Assessment made public by the commission on Friday, around Rs 707 billion is needed for reconstruction and recovery. The assessment separately calculated damage to physical infrastructure and losses to economic activity.

According to the report, physical infrastructure suffered losses of around Rs 283 billion, while the halt in economic activity caused losses of around Rs 190 billion.

The commission said the infrastructure sector suffered the highest damage, with energy, roads, bridges, transport, irrigation and river-control structures affected. The productive sector, private housing, public services and the environment were also significantly affected, with the private sector bearing the larger share of the damage.

Finance Minister Swarnim Wagle told a parliamentary special committee meeting that the preliminary damage assessment was carried out within five days of the disaster.

He said the assessment, conducted by the National Disaster Risk Reduction and Management Authority, the National Planning Commission and the World Bank, found damage worth around $2.7 to $2.8 billion.

The finance minister said reconstruction is estimated to require around $4 to $5 billion, and that the government would mobilize the necessary resources.